Washington Report 360 | July 29, 2022

A weekly newsletter covering legislative and regulatory developments affecting financial services firms—in 360 words or less.

Key Highlights

Economy. FRB increased policy interest rates by .75 basis points and raised the target range of the federal funds rate to 2.25 – 2.5 percent.
CFPB. Enforcement actions against a nonbank mortgage lender alleging ECOA redlining (first of its kind); a large bank alleging TILA, FCRA, and UDAAP violations related to sales practices and unauthorized use of customer personal information; and a lender alleging FCRA and UDAAP violations and credit reporting failures.
FSOC. Fact Sheet outlining the activities and progress of the 15 FSOC members to address climate change and new Climate Data and Analytics Hub pilot program at the OFR.

Financial services regulatory news
SEC	Remarks on issues and trends in investment management (LIBOR, MiFID II, money market funds) Small business forum report providing recommendations to improve capital raising
CFTC	New Office of Technology Innovation (OTI), part of a reorganization of FinTech and customer protection efforts. Proposed rulemaking on governance requirements for derivatives clearing organizations Remarks on The Future of Crypto Regulation and climate-related financial risk within the derivatives market
FINRA	Podcast on Financial Capability Study: Financial well-being during a global pandemic
FRB	Statement on changes to target range of the federal funds rate NY FRB blog on The Transatlantic Economy Policy Responses to the Pandemic and the Road to Recovery Conference
FDIC	Updated Trust Examination Manual – management section Updated Enforcement Actions Manual – cease and desist actions
OCC	Solicitation for research on implications of financial technology for banking Updated policy statement on minority depository institutions
CFPB	Enforcement action against: A nonbank mortgage lender for ECOA redlining; related CFPB and DOJ statements A large bank alleging UDAAP sales practices and unauthorized use of customer personal data An auto financing company for credit reporting violations under FCRA and UDAAP Report on potential impact of changes to credit reporting for medical debt Blogs on servicemembers and student loan servicers, and housing inflation and low-income renters
Treasury	FSOC Fact Sheet on climate-related financial risk efforts Statements on: The UK-U.S. Financial Regulatory Working Group The state of the U.S. economy New guidance to increase governments access to American Rescue Plan affordable housing funds Office of Financial Research launch of Climate Data and Analytics Hub
DOL	Proposed amendments to Qualified Professional Asset Manager Exemption
HUD	Publication of draft solicitation
BIS	Working paper on identifying cross-border financial centers

Financial services policy news
White House	Fact sheet on the Administration’s response to extreme heat, and New Private and Public Sector Efforts to Investment in Underserved Communities
Senate	Banking Committee hearing: Protecting Investors and Savers: Understanding Scams and Risks in Crypto and Securities Markets